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EURO-STERLING TECHS: 0.8600 Holds On A Closing Basis
*RES 4: 0.8869 High Oct 11
*RES 3: 0.8787 Low Sep 20 and former breakout point
*RES 2: 0.8751 High Oct 15
*RES 1: 0.8717 High Oct 16 and key near-term resistance
*PRICE: 0.8649 @ 04:59 GMT Oct 23
*SUP 1: 0.8579 Low Oct 21
*SUP 2: 0.8576 Low Oct 17
*SUP 3: 0.8558 Low May 8
*SUP 4: 0.8491 Low May 6 and major support
EURGBP is bearish. The 0.8600 support however has thus far held on a closing
basis. Attention is still on the candle patterns on Oct 16/17. On both these
days, long-legged doji formations unfolded. This is an early sign the cross may
be basing however, a convincing breach of resistance at 0.8717 is required to
reinforce this and also signal the start of a corrective phase higher. Until
then, the trend remains down with scope for 0.8491, May 6 low.